Twitter co-founder, ‘Jack Dorsey’, returns as the Boss

Jack Dorsey replaced Dick Costolo chief executive of Twitter. This is as a result of the social media network failing to increase its user count and develop new advertising methods. The added pressure is due to Twitter’s high-profile public offering on the stock exchange two years ago.

Highlights :

Dick Costolo will step down in July.

Jack Dorsey, Co-founder, took over as interim ceo.

Costolo has faced controversies including piracy and online abuse.

Dorsey will continue to run credit card payment concern Square during a major transition that sent immediate shockwaves across Silicon Valley.

Tom Cheshire, has been reported saying “pressure had been building on Mr Costolo for quite a few months – but the timing of the move was still a surprise.”

“Shareholders have been really concerned about the lack of growth. User growth has slowed, especially when you compare it to a behemoth like Facebook,” he added.

Shares in Twitter rose by more than 7% in after-hours trading on the New York Stock Exchange following the announcement.